Tag Archives: healthcare

CVC Capital Partners Fund VII to invest in MedRisk

CVC Capital Partners

CVC Capital Partners Fund VII to invest in MedRisk

23 Feb 2021

CVC joins up with existing investor Carlyle to form a new partnership with MedRisk and to accelerate growth and continue delivering best-in-class care to injured workers

CVC Capital Partners (“CVC”) announced today that CVC Fund VII has signed a definitive agreement to acquire a majority interest in MedRisk (“MedRisk” or “the Company”). MedRisk is a leading provider of managed physical medicine services for the workers’ compensation industry in the U.S. The Carlyle Group, MedRisk’s current majority owner, will retain a significant stake and maintain joint control in partnership with CVC. The MedRisk team, including founder Shelley Boyce, Executive Chairman Mike Ryan and CEO Ken Martino, will reinvest in the Company.

Founded in 1994 and headquartered in King of Prussia, Pennsylvania, MedRisk consistently delivers clinically superior patient outcomes via the coordination and active management of physical medicine services for workers’ compensation patients. Today, the Company manages physical therapy, occupational therapy, and chiropractic treatments for more than 500,000 injured workers annually through a nationwide network across 49 states and Washington, D.C.

“MedRisk has an excellent reputation and a proven ability to improve access to high-quality care, which has enabled the Company to become the industry leader in managed physical therapy for injured workers,” said Fazle Husain, Partner at CVC Capital Partners. “We look forward to working closely with the talented team at MedRisk and our friends at Carlyle to continue the compelling growth trajectory of the Company while ensuring that patients continue to receive the highest quality service.”

MedRisk is well positioned for the next chapter of its growth due to the unrivalled level of care it delivers to injured workers, and ability to deliver best-in-class service to all stakeholders across the healthcare ecosystem, including patients, employers, physicians, case managers, insurance carriers, third party administrators and network providers.

MedRisk Executive Chairman Mike Ryan said, “Partnering with CVC, given their extensive network and significant financial resources, will fuel our next stage of growth. They have a deep understanding of the healthcare sector and a strong record of helping to build market-leading companies, while maintaining the highest levels of quality.”

“We’re excited to welcome CVC as a new partner that is well aligned with our mission and vision for the Company. This partnership, along with the continued support of Carlyle, enables MedRisk to strengthen our commitment to existing customers while pursuing greater scale in our operations,” added CEO Ken Martino.

“We are incredibly proud of MedRisk’s growth journey over the past three years of our partnership and its exceptional management team in building an innovative company with a customer-centric and service-oriented focus,” added William McMullan, Partner at Carlyle. “With significant business momentum and strong industry tailwinds in the physical medicine market, we have great confidence in the company’s continued success. We look forward to working closely with CVC and the management team to support this industry-leading franchise in its next chapter of growth.”

The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and receipt of required regulatory approvals. Centerview Partners and Truist Securities acted as financial advisors to MedRisk and Carlyle and Debevoise & Plimpton LLP as their legal advisor. White & Case LLP acted as legal advisor for CVC Capital Partners. Equity capital for the investment will come from CVC Fund VII and Carlyle Partners VI.

Categories: News

Tags:

Advent International-Backed ATI Physical Therapy set to go public through business combination with Fortress Value Acquisition Corp. II

Advent International
  • ATI Physical Therapy is a premier outpatient physical therapy company, leveraging an outcomes database of 2.5+ million unique patient cases and an industry-leading, scalable platform to drive high-quality musculoskeletal outcomes and outstanding customer satisfaction
  • Transaction values ATI at an enterprise value of $2.5 billion and is expected to provide up to $645 million in cash proceeds, including $300 million of fully committed PIPE
  • Investment funds affiliated with Fortress Investment Group LLC are investing $75 million into the PIPE and are joined by institutional investors including Wells Capital Management, Weiss Asset Management and Monashee Investment Management
  • Proceeds will be primarily used to repay existing debt and preferred equity, delivering financial flexibility to fuel ATI’s significant organic and acquisition growth opportunities
  • Advent International and Management are rolling 100 percent of existing equity; Advent will remain the Company’s largest stockholder and be closely aligned with Fortress and public stockholders at transaction close
  • Existing preferred holders for ATI, including GCM Grosvenor, are also rolling a significant portion of their existing stake

Bolingbrook, IL and New York, NY — February 22, 2021 — Fortress Value Acquisition Corp. II (“FVAC II”) (NYSE: FAII), a special purpose acquisition company, and ATI Physical Therapy (“ATI” or the “Company”), a portfolio company of Advent International (“Advent”) and the largest single-branded outpatient physical therapy provider in the United States, announced today that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company will operate as “ATI Physical Therapy, Inc.” and remain NYSE-listed under a new ticker symbol. The transaction is expected to close in the second quarter of this year, subject to approval by FVAC II’s stockholders and other customary closing conditions.

ATI owns and operates nearly 900 physical therapy clinics across 25 states. The Company operates its business based on data and analytics, augmented by a relentless focus on delivering superior patient outcomes that exceed industry benchmarks and service excellence to its patient, provider and payor customers.

The existing management team, led by CEO Labeed Diab, CFO Joe Jordan and COO Ray Wahl, will continue to lead the business, and Advent will remain ATI’s largest stockholder.

A Record of Growth in an Evolving Industry

ATI operates in the growing outpatient physical therapy segment of the musculoskeletal (“MSK”) treatment industry, which represents an estimated $22 billion market, within a broader MSK treatment industry representing $300-$400 billion in total spend1. Multiple secular tailwinds are driving increased demand for outpatient physical therapy services, including: favorable demographic trends, specifically the rise in individuals over the age of 65; greater desire for active lifestyles throughout life; and continued shift towards outpatient care. In addition, there is an increasing shift away from invasive and cost inefficient treatment modalities such as surgeries and opioids to physical therapy as an effective first line of treatment for many MSK conditions.

The combination of a fast-growing market and transition to value-based healthcare has allowed ATI to execute a strategy of organic growth, accretive acquisitions and market-leading profitability in a highly fragmented industry. Since 2016, ATI has opened approximately 300 new clinics and acquired and integrated approximately 125 clinics. And with its EMR database of 2.5+ million patient cases, the Company believes it is uniquely equipped to not only deliver consistent, high-quality patient outcomes but also intelligently design and capitalize on value-based healthcare risk sharing arrangements.

“I am extremely proud of our team and the leadership role ATI plays across the nation in consistently delivering exceptional musculoskeletal outcomes, driving efficiencies and cost savings that benefit the healthcare ecosystem and delivering great results for our patients, providers and payors,” said Labeed Diab, CEO of ATI. “We expect to remain an active participant in the evolution of the industry and look forward to this next, exciting phase of our growth.”

Drew McKnight, CEO of FVAC II, commented, “We have followed ATI for a long time, having been an investor in the credit for over ten years. Since Advent bought the business in 2016, we’ve watched and admired the company’s growth, in particular their approximately 300 new clinics through their de novo growth effort. With this strong leadership team and strong balance sheet, we believe ATI is well positioned to continue this de novo growth as well as be a primary and preferred acquirer in what is still a fragmented industry.”

John Maldonado, a Managing Partner at Advent, said, “We are proud of what we have achieved in our partnership with ATI. Together, we strengthened ATI’s industry leadership through a focus on outcomes and value-based care initiatives that have further differentiated the Company’s physical therapy offering. Our tech and operational investments have enabled ATI to grow its clinic footprint by 50 percent while consistently putting patient care first and further enhancing its clinician-centric culture. We look forward to working more closely with Fortress in supporting ATI’s continued growth.”

Key Transaction Terms

The combined company represents an enterprise value of approximately $2.5 billion at closing, or 14.0x 2022E Adjusted EBITDA.

In connection with this transaction:

  • Cash proceeds raised will consist of FVAC II’s cash in trust of $345 million and a fully committed common stock PIPE of $300 million at $10.00 per share from institutional investors including Fortress Investment Group LLC, Wells Capital Management, Weiss Asset Management and Monashee Investment Management.
  • FVAC II has amended the terms of its founder equity to align with long-term value creation and performance of the Company. FVAC II’s sponsor will defer 100 percent of its founder shares in accordance with the following vesting schedule: 33 percent at $12.00 per share, 33 percent at $14.00 per share and 33 percent at $16.00 per share. FVAC II’s sponsor will also cancel 50 percent of private warrants.
  • Advent and other existing common equity holders of ATI, including management, will remain 100 percent invested following the closing, rolling approximately $1.3 billion of investment holdings into equity of the combined company.
  • ATI’s preferred equity holders, including GCM Grosvenor, who has been a decade-long investor in ATI, will continue to be significant investors and are converting approximately $130 million of existing stake into equity of the combined company.
  • Cash proceeds will be used to pay down ATI’s existing debt and remaining preferred equity, significantly reducing leverage. Pro forma net debt to Adjusted EBITDA ratio is expected to be reduced from 5.2x to 2.1x based on 2022E Adjusted EBITDA.
  • ATI common equity holders, ATI preferred equity holders, FVAC II stockholders and PIPE investors (including investment funds affiliated with Fortress Investment Group LLC ) are expected to own approximately 63 percent, 6 percent, 17 percent and 14 percent, respectively, of the outstanding common shares of the combined company immediately following the merger.2

The Boards of Directors of both FVAC II and ATI have unanimously approved the proposed business combination, and, following such approval, ATI stockholders adopted the merger agreement. No further approval by ATI stockholders is required to consummate the proposed business combination. The transaction is expected to be completed in the second quarter of 2021, subject to, among other customary closing conditions, approval by FVAC II stockholders and FVAC II having minimum cash of $472.5 million.

Additional information about the proposed business combination, including a copy of the merger agreement and investor presentation, will be included in a current report on Form 8-K to be filed by FVAC II with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.

Advisors

Deutsche Bank Securities and BofA Securities are serving as joint financial advisors to FVAC II. Barclays, Citi, Deutsche Bank Securities, and BofA Securities are serving as placement agents to FVAC II. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to FVAC II.

Barclays and Citi are acting as joint financial advisors and capital markets advisors to ATI. Weil, Gotshal & Manges LLP is serving as legal counsel to ATI.

Investor Management Presentation

FVAC II and ATI management will host a conference call on February 22, 2021 at 8:00 a.m., EST, to review an investor presentation. The conference call can be accessed in the “Investors” section of the ATI website at https://www.atipt.com/investors and the FVAC II website at https://www.fortressvalueac2.com/. A recording of the webcast will be available online following the conference call at the same links.

The presentation and a transcript of the call will also be filed by FVAC II with the SEC under the cover of a Current Report on Form 8-K, which can be viewed through the SEC’s EDGAR website at www.sec.gov. A link to Fortress Value Acquisition Corp.’s SEC filings can be found at https://www.fortressvalueac2.com/sec-filings.

About ATI Physical Therapy

At ATI Physical Therapy, we are passionate about potential. Every day, we restore it in our patients and activate it in our team members in close to 900 locations across the U.S. With proven results from more than 2.5 million unique patient cases tracked in its EMR database, ATI is leading the industry by setting best practice standards that deliver predictable outcomes for our patients with MSK issues. ATI’s offerings span the healthcare spectrum for MSK-related issues. From preventative services in the workplace and athletic training support to home health, outpatient clinical services and online physical therapy via its CONNECT™ platform,

a complete list of our service offerings can be found at www.ATIpt.com

About Fortress Value Acquisition Corp. II

FVAC II is a $345 million Special Purpose Acquisition Company sponsored by Fortress Credit and traded on the New York Stock Exchange under the ticker FAII. Fortress Credit is a business of Fortress Investment Group LLC (“Fortress”).

Fortress is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49.9 billion of assets under management as of September 30, 2020, on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of September 30, 2020, had $66.2 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit www.adventinternational.com or www.linkedin.com/company/advent-international

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm is in its 50th year of operation and is dedicated to delivering value for clients in the growing alternative investment asset classes. GCM Grosvenor’s experienced team of approximately 500 professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul.

Additional Information and Where to Find It

This press release is being made in respect of the proposed business combination involving FVAC II and ATI. In connection with the proposed business combination, FVAC II intends to file with the SEC a preliminary proxy statement relating to the proposed business combination, which will be mailed (if and when available) to its stockholders once definitive. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed business combination. FVAC II’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement, any amendments thereto, the definitive proxy statement and any other documents filed in connection with FVAC II’s solicitation of proxies for its special meeting of stockholders to be held to approve the proposed business combination and other matters, as these materials will contain important information about the Company, FVAC II and the proposed business combination.

When available, the definitive proxy statement and other relevant materials for the proposed business combination will be mailed to stockholders of FVAC II as of a record date to be established for voting on the proposed business combination. Stockholders of FVAC II will also be able to obtain copies of the proxy statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov. In addition, the documents filed by FVAC II may be obtained free of charge from FVAC II at https://www.fortressvalueac2.com/sec-filings or upon written request to FVAC II at 1345 Avenue of the Americas, New York, New York 10105, Attn: Investor Relations, or by calling (212) 798-6100.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (“Securities Act”), or an applicable exemption from the registration requirements thereof.
Participants in the Solicitation

FVAC II, ATI and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from FVAC II’s stockholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of FVAC II’s stockholders in connection with the proposed business combination will be set forth in FVAC II’s proxy statement when it is filed with the SEC. You can find more information about FVAC II’s directors and executive officers in FVAC II’s final prospectus dated August 11, 2020 and filed with the SEC on August 13, 2020.
Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in FVAC II’s preliminary and definitive proxy statement when it becomes available. Stockholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics (including pro forma net debt to Adjusted EBITDA ratio), projections of market opportunity and market share, the satisfaction of closing conditions to the potential transaction and the PIPE, the level of redemptions by FVAC II’s public stockholders and the timing of the completion of the potential transaction, including the anticipated closing date of the proposed business combination and the use of the cash proceeds therefrom. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of ATI’s and FVAC II’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of ATI and FVAC II. These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of FVAC II is not obtained; (iii) the ability to maintain the listing of the combined company’s securities on NYSE; (iv) the inability to complete the PIPE; (v) the risk that the proposed business combination disrupts current plans and operations of FVAC II or ATI as a result of the announcement and consummation of the transaction described herein; (vi) the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; (vii) the failure to realize the anticipated benefits of the proposed business combination; (viii) risks relating to the uncertainty of the projected financial information with respect to ATI and costs related to the proposed business combination; (ix) risks related to the rollout of ATI’s business strategy and the timing of expected business milestones; (x) the effects of competition on ATI’s future business and the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (xi) risks related to political and macroeconomic uncertainty; (xii) the outcome of any legal proceedings that may be instituted against FVAC II, ATI or any of their respective directors or officers, following the announcement of the potential transaction; (xiii) the amount of redemption requests made by FVAC II’s public stockholders; (xiv) the ability of FVAC II or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the proposed business combination or in the future; (xv) the impact of the global COVID-19 pandemic on any of the foregoing risks; and (xvi) those factors discussed in FVAC II’s final prospectus dated August 11, 2020 and any Quarterly Report on Form 10-Q, in each case, under the heading “Risk Factors,” and other documents of FVAC II filed, or to be filed, with the SEC. If any of these risks materialize or FVAC II’s or ATI’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither FVAC II nor ATI presently know or that FVAC II and ATI currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect FVAC II’s and ATI’s expectations, plans or forecasts of future events and views as of the date of this press release. FVAC II and ATI anticipate that subsequent events and developments will cause FVAC II’s and ATI’s assessments to change. However, while FVAC II and ATI may elect to update these forward-looking statements at some point in the future, FVAC II and ATI specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing FVAC II’s and ATI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures

Certain financial information and data contained in this press release is unaudited and does not conform to Regulation S-X promulgated under the Securities Act. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus or registration statement to be filed by FVAC II with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). FVAC II and ATI believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to ATI’s financial condition and results of operations. ATI’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. FVAC II and ATI believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing ATI’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. However, ATI’s method of determining these measures may be different from other companies’ methods and, therefore, may not be directly comparable to those used by other similar companies. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in ATI’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results and reconciliations to the most directly comparable GAAP measure are included at the end of this press release.

1 According to a third-party market study as of December 11, 2020.

2 Assumes no redemption by public stockholders in connection with the transaction and excludes the impact of Fortress warrants (9.9 million warrants with a strike price of $11.50 per warrant). Assumes new shares are issued at a price of $10.00 per share.

Media contacts

ATI Physical Therapy

Investor Relations
Bob East / Jordan Kohnstam
Westwicke/ICR
ATIIR@westwicke.com

Media Relations
Sean Leous
Westwicke/ICR
646-866-4012
Sean.Leous@westwicke.com

Fortress Value Acquisition Corp. II

Gordon E. Runté
Managing Director
Fortress Investment Group LLC
212-798-6082
grunte@fortress.com

Categories: News

Tags:

CELLINK AB to Acquire GINOLIS OY – Major exit for Verso Fund II

Verso Capital

CELLINK AB (publ) has entered into an agreement with the shareholders of Ginolis Oy to acquire all shares
for a purchase price on cash- and debt-free basis of 70M euros (the “Acquisition”).

Ginolis Oy is a leading provider of robot-based automation solutions used world-wide to manufacture a
variety of medical disposables and point-of-care tests such as Covid-19 tests. Ginolis was established in
Finland in 2010. Fund II Ky became the largest shareholder of the company in 2017 through a combination
of share purchases and a significant investment into the company. During our ownership period Ginolis’
revenue grew from €3M in 2017 to €18M in 2020, with significant further business growth estimated for
the years to come. Today Ginolis is a multi-national company with approximately 100 employees in Finland,
Estonia, UK, China and the United States, and has customers in Europe, North America and China.

“We are pleased to announce this successful exit from a major investment in our second fund” says Anssi
Kariola, Managing Partner for Verso Capital and chairman of the board for Ginolis. “Working together with
the management team, we set very ambitious growth targets in 2017, and managed to reach our financial
target levels despite the challenges created by the global pandemic. Ginolis is a great example of how
extensive know-how from one industrial sector can be leveraged to build a unique offering for another
industrial segment.”

Teijo Fabritius, founder and CEO of Ginolis comments: “It has been great to work together with the Verso
Capital Team. Together we were able to solve many challenges with good teamwork.”
Innovestor Ventures and Finnvera were earlier stage investors in Ginolis and continued to support the
company’s growth as co-investors to this exit.

Bryan, Garnier & Co acted as the financial adviser and Avance Attorneys as the legal adviser to Ginolis and
its shareholders.

Categories: News

Tags:

Espresso Capital extends $4.5 million credit facility to Boston-based VillagePlan

espresso capital

Boston — February 11, 2021 — Espresso Capital announced today that it has provided Boston-based healthcare technology company VillagePlan with a $4.5 million credit facility. VillagePlan, the leading provider of technology-enabled expert caregiver support services, will use the funds to further invest in key AI and natural language processing technology and engagement tools. It will also expand its rapid growth in the employee benefits, insurance benefits, and financial services markets.

“This investment fuels our growth at a time when demand for expert caregiver support has never been greater,” said Evan Falchuk, CEO of VillagePlan. “We carefully considered many partners for this investment and chose Espresso Capital because of their attractive cost of capital and creative approach as well as the high quality of their team.”

VillagePlan’s engagement tools, expert care managers, and leading technology and analytics platform provide families with extraordinary help at a time of need, while also improving the quality and cost of care for their loved ones.

“It has been clear from the beginning of the financing process that Evan and the team understand how to position the company for future growth — their past successes are further proof of that.” says Espresso’s Steven Michau. “VillagePlan’s offering addresses a large segment of the population that will continue to grow. Layering technology onto a service-heavy model will allow them to scale while also maintaining the personal relationships that are so important to succeeding in this space.”

VillagePlan entered 2021 poised for significant expansion and is currently building on its existing partnerships with employers such as Microsoft, insurers such as MetLife, and health care organizations such as Providence Health Systems.

About VillagePlan
VillagePlan is the leading provider of technology-enabled expert services to help families care for aging loved ones. Led by former senior executives of Boston-based Best Doctors, Inc., VillagePlan’s scalable platform improves people’s lives while reducing the cost of care for consumers, insurers, employers and others. At a time when millions of people around the world face the challenge of caring for an aging loved one, VillagePlan is here to help with clinical and non-clinical support, data analytics and risk prevention tools that make a real difference for families and their loved ones.

About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 280 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.

Categories: News

Tags:

STERIS Announces Sale of Pharmaceutical Testing Laboratories to CCR Group

No Comments
Fields Group

STERIS is pleased to announce it has agreed to sell the pharmaceutical testing services business of Synergy Health Utrecht B.V., a STERIS Company, to CCR Group, an integrated contract research organization, part of FIELDS Group.

The transaction includes the chemical testing laboratory in Utrecht and the microbiological testing for pharmaceuticals in Ede the Netherlands. STERIS will continue to operate the laboratory in Ede with a focus on medical device testing. The acquisition is completed by FIELDS’ contract research organization (CRO) platform, CCR Group. As part of the agreement, CCR Group will carve-out the company from STERIS and move the laboratories to a new state-of-the-art laboratory facility in the Netherlands.

“I am pleased we found a very good new owner for the business in CCR Group, which was of paramount importance to STERIS. I am looking forward to growing our relationship going forward,” said Mark Botting, STERIS Director of Global Laboratories.

“With the acquisition of Synergy Health Utrecht B.V., the CCR Group strategically expands its portfolio into the field of chemical and microbiological analytics. As part of our growth plan, we expect to acquire more CROs in adjacent areas in the near future,” said Matthias Stuckmann, responsible manager for CCR Group.

About STERIS

STERIS’s MISSION IS TO HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life science product and service solutions around the globe. For more information, visit www.steris-ast.com

About CCR Group

CCR Group is a European CRO with laboratory sites in Germany and the Netherlands offering a comprehensive set of integrated services to predominantly the pharmaceutical and biotech industries. Through its subsidiary ICCR-Roßdorf (www.iccr-rossdorf.de), the group currently offers expertise into preclinical safety testing with focus on cell and molecular science assays according to GLP, GMP and DIN EN ISO 17025.

About FIELDS Group

FIELDS Group is an entrepreneurial and hands-on investor with offices in Amsterdam and Munich. With its in-house operational taskforce, FIELDS Group is directly involved with the development of the group companies. It has a strong track record in successfully carving-out companies from large (listed) corporations.

Categories: News

Tags:

New Harbor Capital Portfolio Company Quigley Eye Specialists Partners with Beraja Medical Institute

New Harbour

New Harbor Capital announced today that its portfolio company Quigley Eye Specialists has partnered with Beraja Medical Institute and Douglas Surgery Center (collectively “BMI”), a South Florida leader in the diagnosis and treatment of vision disorders. Led by Dr. Roberto Beraja and Dr. Victor Beraja, Beraja Medical Institute has been providing care to Miami-Dade County for over 30 years and now joins 19 other locations under Quigley Eye Specialists ownership in Florida. This partnership will establish Quigley Eye Specialists’ presence in Miami-Dade County.

“Partnering with BMI is an excellent opportunity for expansion into Southeast Florida,” said Dr. Thomas Quigley, Founder of Quigley Eye Specialists. “Miami-Dade is a vibrant market with impressive growth. For more than 30 years, Dr. Roberto Beraja and Dr. Victor Beraja have been taking great care of patients in Coral Gables and are respected surgeons with exemplary reputations. We look forward to our partnership and are excited about the future growth of the practice.”

The partnership will ensure patients throughout Florida will have convenient access to industry-leading specialists, innovative treatments, and state-of-the-art equipment. Together, Quigley Eye Specialists and BMI have 36 optometric physicians and ophthalmic surgeons with three surgery centers in Southwest and Southeast Florida.

Founded in 1988, Quigley Eye Specialists is one of the nation’s leading multispecialty ophthalmology practices and consists of more than 100 medical professionals, including surgeons, optometrists, retina specialists, and technicians.

BMI represents the sixth follow-on investment for Quigley Eye Specialists since New Harbor completed an equity investment in January 2020, further extending Quigley Eye Specialists’ tenured market leadership position in the Florida market.

About Quigley Eye Specialists

Technology leaders in eye care, Quigley Eye Specialists is one of the nation’s leading multispecialty ophthalmology practices specializing in cataracts, laser cataract surgery, glaucoma, iLASIK, dry eye, eyelid surgery, retinal issues, corneal conditions, routine eye care, and facial plastic surgery. As the number one choice for cataract treatment in Southwest Florida, Quigley Eye Specialists is committed to providing the highest level of quality eye care and service to the community. For more information or a full list of locations, visit www.QuigleyEye.com.

Categories: News

Tags:

Equality Health and General Atlantic Announce Strategic Partnership to Help Drive Continued Expansion of Equality’s Value-Based Primary Care Network and Technology Solutions

General Atlantic

Strategic investment from General Atlantic to help enable Equality Health in furthering its mission of increasing access to care, lowering costs and improving outcomes for underserved individuals, families and communities

Equality Health to acquire actuarial firm, Daraja Services, to deepen healthcare economics capabilities

January 26, 2021

Equality Health (or “the Company”), a leading provider of technology, services and support for value-based care, today announced a strategic investment from General Atlantic, a leading global growth equity firm, to fuel the Company’s next phase of growth as a value-based primary care network serving the Medicaid, Medicare and ACA Exchange populations. Existing investor Endeavour Capital will remain a minority shareholder, and Town Hall Ventures will also invest in the Company. As part of the transaction, Equality Health will acquire Phoenix-based consulting firm Daraja Services and plans to integrate the firm’s suite of healthcare economics, technology and actuarial capabilities.

Equality Health was founded in Phoenix, Arizona in 2015 by CEO Hugh Lytle with the mission of improving access to culturally competent and holistic care for the Medicaid market, a population traditionally underserved by the U.S. healthcare system. Through its supplemental care management services and proprietary technology platform, CareEmpower™, the Company enables payors and providers to deliver a leading patient experience, while lowering the cost of care and improving member outcomes. Today, Equality Health networks represent more than 1,600 primary care providers across six metropolitan service areas in three states

Over the past five years, the Company has rapidly expanded its physician base and geographic reach in Arizona, California and Texas, supporting care for over 300,000 beneficiaries via partnerships with more than 20 managed care sponsors. Equality Health will leverage the partnership with General Atlantic to pursue further geographic expansion, technological innovation and product development in the near term, while also augmenting its actuarial and data analytics capabilities through the acquisition of Daraja Services.

Hugh Lytle, Founder and CEO of Equality Health, said, “Equality Health believes that high-quality, value-based care should be accessible to all individuals, families and communities across the U.S. We believe we can significantly accelerate this mission through our partnership with General Atlantic, leveraging the firm’s demonstrated experience in helping value-based care models scale. We are excited by the opportunity to further our momentum in transforming the space by leveraging technology to change behaviors, improve outcomes and increase affordability.”

“Equality Health is bringing much-needed technology innovation and care to the managed Medicaid sector,” continued Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic. “As the Medicaid market continues to expand and shift toward managed care, we believe the company is positioned for substantial growth. Hugh and the Equality Health team have built a compelling model that delivers greater value to payors, providers and patients, and we’re proud to support their vision.”

J.P. Morgan acted as financial advisor to Equality Health. Perkins Coie LLP and Squire Patton Boggs acted as legal counsel. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to General Atlantic. Additional terms of the deal were not disclosed.

About Equality Health

Equality Health, LLC is a Phoenix-based whole-health delivery system focused on transforming value-based care delivery with population specific programs that improve access, quality, and member trust. Through an integrated technology and services platform, culturally competent provider network and personalized care model, Equality Health helps managed care plans and health systems improve outcomes for diverse populations while simultaneously making the transition to risk-based accountability. For more information about Equality Health, visit www.equalityhealth.com or follow @EqualityHealth on Facebook, @EqualityHealth on Twitter, and @EqualityHealth on LinkedIn.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Tomás León
Equality Health tleon@equalityhealth.com

Categories: News

Tags:

Surgify Medical Oy, a Finnish company that develops safer surgical technology, has raised €1.4 million in funding from both domestic and foreign investors.

Innovestor

ESPOO, Finland (January 8th, 2021) In addition to existing backers, among the investors in the startup’s third round were Finnish venture capital investor Innovestor Ventures, Swedish investor Peter Lindell, and well-known Finnish angel investor and healthcare entrepreneur Leena Niemistö. The funding will be used to bring Surgify’s safer surgical drill to market.

Surgify’s internationally recognised technology is intended to prevent nerve and blood vessel injuries caused by surgical drills. The company believes that their technology plays an important role in saving lives and making bone surgery safer. Furthermore, the time and money spent on surgeries could be decreased considerably. In addition to performing various surgical procedures in the head, neck, and spine areas, the technology can be used in dental procedures, as well as surgical robotics.

”The technology developed and patented by us has worked excellently in pre-clinical trials, and has prevented practically all relevant complications. We have raised the interest of leading hospitals in both Europe and the US, and the industry’s largest players have also expressed their interest in collaborating,” said the company’s CEO, Visa Sippola.

 

Surgify aims to reshape how surgery is performed

Surgify received a sales approval for its product in May, and since then has focused on developing its production. Potential factors contributing to the adoption of the technology in hospitals include ease of use, as well as expected reductions in surgical costs and complications.

The company’s investors see significant challenges brought about by an ageing population, prompting a growth in the number of surgical patients. Today, global costs resulting from complications with surgical drills total over €4 billion annually.

”Surgify’s technology contributes to solving major public health issues, and enables fundamental changes in the surgical market. Innovestor decided to invest in Surgify because of its promising technology and founding team, and because its mission genuinely adds value to society”, commented Innovestor Group’s partner and head of investments, Wilhelm Lindholm.

 

The rapidly growing startup has spent a significant amount of effort on product development and trials with numerous surgeons. The company is now bringing its technology to the market, aiming for first hospital customers in Finland and the Nordics next year, and expanding to international markets after this.

”This third investment round is an important milestone for Surgify, and, combined with the market approval and patents, positions the company well for market entry. Despite long development cycles in the medical industry, we believe that our work will pay off and that we have a good foundation for building a global business”, Sippola celebrates.

 

 

In the media

Aivoporaa kehittävä startup keräsi miljoonarahoituksen – Sijoittajana myös Dextra-miljonääri Leena Niemistö (Talouselämä)

 

Additional information

Visa Sippola

CEO, Surgify Medical

visa.sippola(a)surgifymedical.com

+358 50 353 1232

Surgify Medical Oy is a Finnish healthcare technology startup, founded in 2017. The company is developing an internationally recognised surgical drill that aims to make bone surgery safer.

The technology was originally developed in a collaboration between Aalto University and the Helsinki University Hospital Department of Neurosurgery. The product is a safety tip that is connected to existing surgical drills. The patented safety mechanism prevents the drill from damaging important soft tissues, such as nerves and blood vessels.

 

Wilhelm Lindholm

wilhelm.lindholm(a)innovestor.fi

+358 40 581 1051

Innovestor is a Nordic early-stage venture capital investor, who also operates as a direct co-investment syndicator and growth program builder. Currently the firm manages one of the largest private venture-backed portfolios in the Nordics, consisting of close to 100 high-tech companies in multiple fields of technology.  Their aim is to be the best home for future new Nordic success stories. At its core, they boost the success and growth of portfolio companies by giving access to capital, know-how, and networks by utilizing their unique ecosystem of co-investors and partners.

 

Image credit to Surgify Medical

Categories: News

Tags:

Montagu enters exclusive negotiations to acquire IMV Technologies

Montagu

Montagu enters exclusive negotiations with Qualium Investissement to acquire IMV Technologies

Montagu, announces today that it has entered exclusive negotiations with Qualium Investissement and management to acquire IMV Technologies.

Based in Normandy, France, IMV Technologies is the world leader in the design, manufacture, distribution and service of equipment and supplies used in animal reproduction and animal reproductive and clinical imaging. Its Life Sciences division features products used in human medical research and assisted reproduction. With operations in France, Brazil, China, India, the Netherlands, Russia, South Africa, the United Kingdom and the United States, and a vast network of distributors across more than 120 countries, IMV Technologies generates more than 85% of its revenue internationally.

IMV Technologies’ management team, supported by Qualium Investissement, has considerably grown the business through seven acquisitions and continued investments in R&D, which have allowed it to broaden its expertise and strengthen its global leadership in animal artificial insemination.

 

Alain de Lambilly, CEO of IMV Technologies, said: “We are delighted to be partnering with Montagu and see considerable opportunity ahead. The firm’s deep expertise in the healthcare and technology sectors will be a major asset for our company. Montagu’s partnership will enable us to further develop the company through significant investments in research and innovation. IMV Technologies thanks Qualium Investissement for bringing us to this place in our journey.”

Guillaume Jabalot, Director at Montagu, said: “The management team has accelerated growth and innovation at IMV Technologies, reinforced its leadership position globally and opened new growth avenues. The company operates in markets offering both long-term growth prospects and resilience, two core features of Montagu’s investment strategy. We are delighted to be partnering with management and supporting them in their growth strategy, both in France and internationally. With our backing, IMV Technologies will be able to continue its success as a consolidation platform in an industry which remains fragmented.”

Jacques Pancrazi, Partner of Qualium Investissement, said: “We are delighted to have supported IMV’s management team in its growth journey over the past six years. Continuing the work accomplished during Gilles de Robert’s 15-year leadership, Alain de Lambilly and his team have explored new avenues of growth through continued investment in innovation. This consistent focus on offering high value-added solutions to customers should further accelerate the company’s growth over the coming years.”

The transaction is subject to the final and definitive agreement between the parties and customary conditions and provisions.

Categories: News

Tags:

Baird Capital Sells Prescient Healthcare Group

Baird Capital

Following the transaction, the private equity group will reinvest to hold a minority interest in the former portfolio company

 

LONDON, 21 January 2021 – Baird Capital announced today the sale of portfolio company Prescient Healthcare Group (“Prescient”) to Bridgepoint Development Capital (“Bridgepoint”), the international alternative asset fund management group. Following the transaction, Baird Capital will continue to hold a minority interest in Prescient. The terms of the transaction were not disclosed.

Prescient is headquartered in London and has additional offices in the U.S., India and China. The business is a global provider of pharmaceutical intelligence, insights and product strategy. Prescient helps its clients make better clinical and commercial decisions, resulting in enhanced outcomes for patients, customers and shareholders. Prescient partners with many of the world’s leading multinational pharmaceutical companies, as well as a growing number of emerging biotech and specialty pharma organisations.

Prescient Healthcare Group

Baird Capital originally invested in Prescient in 2017 and has helped the company build out its data-driven technology platform, which now provides real-time, dynamic data and insights alongside expert strategic advice to the global life sciences industry. Baird Capital has supported Prescient to further its international footprint and team.

Andrew Ferguson, Partner with Baird Capital, commented, “We invested in Prescient back in 2017 because we saw an opportunity to leverage our global resources to help an outstanding business grow even quicker and we are very pleased to have supported Prescient’s development and success over the past few years. We look forward to continuing our relationship as a minority shareholder, and we believe Prescient will continue to thrive in partnership with Bridgepoint.”

Jamie Denison-Pender, CEO of Prescient Healthcare Group, said, “It’s been a pleasure working with Baird Capital, and I am delighted that they will continue as an investor in Prescient. We are proud of the way we worked to build out our capabilities over the past few years, particularly in India and the U.S., and we are well-positioned and excited for our next phase of growth.”

Baird Capital was advised by Alantra Corporate Finance and Edgemont Partners (financial) and Squires Patton Boggs (legal).

For more information on Baird Capital’s investment approach, team members, or portfolio, visit BairdCapital.com.

About Baird Capital

Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 320 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.

Baird Capital Partners Europe Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

For additional information, contact:

Rachel Kern
Baird Public Relations
RKern@rwbaird.com
414-298-5101

Categories: News

Tags: